EXHIBIT 12.1
CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands of dollars)
For the Nine Months Ended For the Six Months Ended
November 30, February 29, February 28,
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1996 1995 1996 1995
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Earnings: (a)
Income before provision for income taxes $37,818 $51,012 $ 6,703 $33,040
Add fixed charges 26,911 20,997 18,382 14,138
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Earnings $64,729 $72,009 $25,085 $47,178
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Fixed Charges:
Interest on debt and capitalized leases $25,468 $19,507 $17,298 $13,141
Amortization of direct financing costs 1,174 1,238 908 829
Interest element of rentals 269 252 176 168
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Total fixed charges $26,911 $20,997 $18,382 $14,138
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Ratio of Earnings to Fixed Charges 2.4 3.4 1.4 3.3
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For the Years Ended August 31,
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1995 1994 1993 1992 1991
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Earnings: (a)
Income before provision for income taxes $66,698 $18,924 $25,268 $17,884 $11,680
Add fixed charges 26,586 19,492 7,515 7,599 5,140
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Earnings $93,284 $38,416 $32,783 $25,483 $16,820
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Fixed Charges:
Interest on debt and capitalized leases $24,601 $18,056 $6,273 $6,510 $4,586
Amortization of direct financing costs 1,650 1,171 628 602 109
Interest element of rentals 335 265 614 487 445
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Total fixed charges $26,586 $19,492 $7,515 $7,599 $5,140
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Ratio of Earnings to Fixed Charges 3.5 2.0 4.4 3.4 3.3
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(a) For the purpose of calculating the ratio of earnings to fixed charges,
"earnings" represents income before provision for income taxes plus fixed
charges. "Fixed charges" consist of interest expense, including
amortization of debt issuance costs, and the portion of rental expense
which management believes is representative of the interest component of
lease expense.